Clubhouse: Minnesota Real Estate Investors
Clubhouse Minnesota Real Estate Investors
The new app Clubhouse is hot starting into 2021. It’s only been really out there for a few weeks and many are talking about it.
It’s starting off only on the IOas iPhone in the App Store. Hopefully their is a development for Android sometime soon.
I had reserved my name and waited patiently about a week and a half until I got an invite and was able to get on. For the first few days I dropped in and out of audios going on in the app.
My attention span was 1 to 7 minutes I’d estimate for the first 3 days. At first I saw it as a live version of YouTube or a podcast and didn’t really see how it affected me, or how it was much different.
By the 4th day, knowing that an early adopter had a 6:30 pm scheduled real estate audio planned on scaling real estate with an expert panel, I knew I should check it out. Another associate and early adopter was pairing up for an 8pm scheduled clubhouse room.
I saw the potential, I quickly started a messenger chat making sure to focus it as Minnesota real estate clubhouse for the early adopters to gain momentum.
It started with about 5 instantly and within hours I had about 12 in the chat. The quick notifications allowed me to quickly introduce people, get some different feedback and market each other’s rooms that were coming up to make sure that we had attendees.
It worked, and we were listening to each other’s in each other’s rooms And it was pretty frictionless. Right before that I got in a 3 pm room and quickly got about 5 in that room before the 6:30 pm room. A few of us had extra time to learn it and get to know the others.
4 chats later and minutes before 1 am I found that I was just on for 10 hours straight with time passing as fast as I can remember.
One connection of two friends of 16+ years going back to 2004 flowed quickly and allowed me to learn more about them with questions I had never thought to ask.
Other newer friendships of 4 years accelerated faster as the simplicity and efficiency of a round robin of 4-5 of us at a time in a group chat was frictionless.
The next day I found myself quickly back into a 5 person chat knowing how to align people with different backgrounds. That’s my connecting brain at work. I then see where the conversation leads just like a brainstorming session or mastermind.
Now I can see by a couple days in that it reminds me of the early days of periscope around 6 years ago where there are too many notifications and people doing videos. I can see that marketers and salespeople use this app around the clock.
There’s an abundance of content like we’ve become accustomed to on social media, so this is the complaint about the time suck fear.
I think it’s more about the dept of the relationships long-term and learning from each other and the feedback loop kind of like how an elevator pitch works. It’s a sounding board used to optimize communication so you realize when you seem to be speaking too technical and need to make your communication be more easily understood by your audience.
One of the biggest advantages is the fact that’s an audio without the video which makes people feel more comfortable to use it and not worry about their hair or how they are dressed, especially in the new remote work world world that we live it. Also I found that people more passively listen while going about their activities shopping for real estate or going up a mountain lift to go skiing.
The back and forth of communicating amongst each other without eye contact and the 85% non verbal communication body language works far better than I would have guessed.
Everyone turns their mic on and off effortlessly for hours to be quiet with and background noise from their kids, running water, outside, the car, and cooking, etc. this allows for longer conversations while still getting work done.
As someone who has connected real estate investors for years I find that this app making connecting local real estate people in Minnesota a far more optimized use of time. Let me go over some examples:
Introductions on this app eliminate the need to get be stuck in traffic or travel back and forth. Often the $30-$50 lunch across town is avoided. Most introductions are 1 on 1 and a lot of small talk to get to exactly what the person does in a unique way.
The value proposition or USP, or positioning. When you put 5 people in a chat at once you can have quick introductions like a meetup and people can share their back story and each person can have a little time to think up a question and it can offer a more relaxed situation to listen with less mental energy.
Knowing these people more in depth I can accelerate the relationship before each person a lot faster and optimize local communities faster in the Minnesota real estate space.
The way that we follow each other and your followers get your notifications that you are in a room help to pull people together into rooms and conversations.
The other part that I hadn’t yet mentioned is that imagine you had 3 people chatting In a room that have each known each other 10 years and speaking in depth about your expertise. It’s a very valuable conversation for all 3 involved because you have few that you can learn from with some great articulated questions.
What’s great though is an audience of 20 or 50 can pop into your story telling and questions in your conversations and not only get great value in the local Minnesota real estate community, but it’s a marketing took and hyper fast way to build relationships and make your tome more efficient.
So much time is spent 1 on 1 teaching others about what you do that it’s just not a very efficient way to scale in today’s world. Everyone is in a different part of the learning cycle and the timing is different with each.
What’s also great is people can pop in 5 minutes or 2 hours based on the flow of their day. They can multi-task on certain things. I think it’s a great way to do remote meetups or REIA’s.
One part I think needs to be thought out more is the part about who is allowed to speak, or the panel. The idea of a panel of 3-4 investors that I know with 10 to 40 years experience locally here in minnesota with an audience that listens and asks questions is exciting with great potential.
I get into some of the marketing chats and their are over 20+ that are available to speak and I think it takes on a different dynamic.
One pontential in the near future that interests me is when the sellers market slows down in real estate and sellers become motivated there can be a large audience of wholesalers or bird dogs that are trying to learn how to find, negotiate and structure deals.
The experts on the panel with 5-40 years of experience can be the buyers or know the buyers with cash. This can make learning fun and efficient. This can allow bird dogs a chance to learn from very busy investors who are busy making money and need a more efficient way like clubhouse to teach at scale.
For those reading this article now that want to be introduced to others I’d recommend following me on clubhouse @ronorr
I’m testing my profile with a way to donate money via PayPal, Venmo and cashapp to see how that goes to see if I can justify investing more time on the app to do introductions and teach some great concepts about real estate and the economy.
Donations will alway be appreciated and I’ll figure out how to repurpose those donations to make people even more efficient.
There are other parts of the app that I am still learning such as the real estate groups and the scheduled rooms that are coming up. I think the opportunity to jump into another app abc get a chance to introduce yourself to 10 to 30 people from someone else’s network is powerful and great time leverage.
Based on knowing others in the room I know whether we should talk about rehabbing, wholesaling, seller financing, loans, rentals, cash flow, cash on cash return, lease options, contract for deed, commercial real estate, mobile home parks, self-storage, cap rates, multi-family, property management, REIA, social events, short sales, foreclosures, notes, podcasting or whatever will be of maximum value based on the people in the room.
For example if I have two millionaires in the room with 20 years experience and 5 new investors who have read only 2 books and have never done a real estate deal I am going to let let the experienced investors provide value with knowledge for The audience based on their learning level and have those newer listen. But even when the new people hear enough to ask great detailed questions the other 5 in the clubhouse room get value here’s why:
Everyone is learning at a different level
They learn how to ask better questions
It helps the speaker or trainer who their audience is, it helps them remember when they were newer and it helps them with their marketing and copywriting.
When others ask questions it also makes others more comfortable to speak up with out visually being in front of a large audience and worrying about how they are being perceived on stage.
I have a great memory and because of that when I see 10 or 20 people in a room my Brain sees the different connections or overlap of previous conversations of moves like a game of chess.
It’s because my brain sees connections and commonalities everywhere, so when I see the people in a room I know the commonalities and what conversations that they should have for their benefit and for the benefit of the group.
Often those in real estate niches in Minnesota have a hard time finding others to have a more advanced real estate conversation with. I can connect these people and they ask questions on a deeper level and accelerate their learning.
I’ve also noticed early one that even with the Minnesota commonality some have moved to Florida years ago or recently to Texas and that makes for a more interesting conversation where those in Minnesota get broader perspectives and the out of state investors can still relate to the Minnesota references.
I find the clubhouse app a great way to get accelerated learning. Many think they only learn from masterminds from the fulfillment part of the business such as rehabbing, wholesaling, seller financing etc, but their are conversions, marketing, selling, copywriting and understanding the macro economy as well. All of this is important in how you factor your time.
a lot of people make money on a real estate deal, or commission, but take months to market, sell or close that deal. Or worse yet wasting years not understanding about inflation or bad systems that cost them years of opportunity cost. Each person is experiencing a different lifestyle based on different life experiences and situations.
Being that this is a new app I expect it to evolve a lot from user feedback and data over the coming months and years. It’s a pretty frictionless app with a ton of potential and although we don’t need another app with unlimited notifications and shallow follower accounts I think it can be a great way to deepen relationships and conversations and talk about real estate and make deals while not talking about politics.